ASHFORD ASSETS TO DIAMOND: GSI Commerce last week said it would sell certain assets of Ashford.com, including its trademark, to jewelry Web site Diamond.com. Under the deal, expected to be completed Dec. 27, GSI will receive a nonrefundable deposit of...
ASHFORD ASSETS TO DIAMOND: GSI Commerce last week said it would sell certain assets of Ashford.com, including its trademark, to jewelry Web site Diamond.com. Under the deal, expected to be completed Dec. 27, GSI will receive a nonrefundable deposit of $500,000 as well as secured promissory notes, shares and warrants to purchase Diamond.com stock and 10 percent of Diamond.com’s earnings before interest, taxes, depreciation and amortization to a maximum of $2 million for the next five years. GSI, which purchased Ashford.com in late 2001 also said it would sell the firm’s remaining inventory, close its Houston facility, and phase out its corporate gift business. Michael G. Rubin, GSI’s chairman and chief executive officer, said Ashford has "performed below our expectations" and has caused "incremental losses" in 2002. Founded in 1998, Ashford sold upscale accessories and luxury goods, but never managed to achieve profitability.
JEAN SCENE: Levi Strauss plans to reorganize its distribution in Europe. The San Francisco denim giant on Friday said it intends to shutter distribution centers in France, Belgium and the Netherlands, and transfer distribution previously handled by those facilities to a third party that will be in Antwerp, Belgium. Levi’s said no final agreements have been reached, but if the proposal goes forward, about 75 people could lose their jobs.
JUDGE HALTS WAL-MART SALE: A Puerto Rican judge temporarily blocked Wal-Mart’s acquisition of a local supermarket chain there, saying it had antitrust implications. Superior Court Judge Milagros Rivera Guadarrama issued a decision responding to a government motion filed Friday claiming Wal-Mart’s purchase of Supermercados Amigo’s 35 supermarkets with 4,500 employees violated the island’s antitrust laws. "The court has determined that the plaintiff, the state, has demonstrated the Amigo’s acquisition by Wal-Mart could have the affect of substantially reducing competition or could create a monopoly," Guadarrama wrote in her decision, which prohibits Amigo from transferring its holdings to Wal-Mart until the matter is resolved in the courts. In other news, Wal-Mart said it plans to file a $10 billion debt shelf registration before the end of the year. The retailer said in offering the debt, its goal is to keep its debt-to-capitalization ratio at about 40 percent. As of Oct. 31, the end of third quarter, that ratio was 41.3 percent.
CLAIBORNE ELECTION: Liz Claiborne Inc. has elected Oliver R. Sockwell to its board. Sockwell, 59, is an executive-in-residence at Columbia University’s Graduate School of Business. He is the co-founder, retired president and chief executive officer of the Construction Loan Insurance Corp. This addition brings Claiborne’s board to 10. His initial term as director will expire at the 2005 annual meeting of stockholders. Meanwhile, Paul Charron, Claiborne chairman and ceo, will speak about taking a disciplined business approach to the fashion industry tonight at The Learning Annex.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye